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Mar 31, 2025
AGNC Q1 2025 Earnings Report
AGNC reported modest net income and a positive economic return despite market volatility.
Key Takeaways
AGNC Investment Corp. delivered a 2.4% economic return on tangible common equity for Q1 2025, supported by steady dividend payouts and net spread income. The company maintained conservative leverage and ample liquidity amidst challenging market conditions.
Reported $15 million in net income attributable to common stockholders.
Achieved a 2.4% economic return on tangible common equity.
Declared $0.36 per common share in dividends.
Maintained $6 billion in unencumbered cash and Agency MBS.
Forward Guidance
AGNC anticipates improved portfolio returns in a wider spread environment, supported by conservative leverage and strong liquidity.
Positive Outlook
- Wider MBS spreads expected to increase portfolio returns.
- Ample liquidity with $6 billion in unencumbered cash and securities.
- Conservative leverage position at 7.5x.
- Increased net spread and dollar roll income quarter-over-quarter.
- Resilient dividend yield backed by stable cash flows.
Challenges Ahead
- Modest decline in tangible net book value due to spread widening.
- Ongoing market volatility following tariff announcements.
- Potential impact of inflation and policy uncertainty.
- Reduced CPR could affect amortization costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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